$0.62 Earnings Per Share Expected for Forward Air Corporation (FWRD) This Quarter
Wall Street brokerages expect Forward Air Corporation (NASDAQ:FWRD) to announce $0.62 earnings per share for the current quarter, according to Zacks. Five analysts have provided estimates for Forward Air’s earnings, with the lowest EPS estimate coming in at $0.60 and the highest estimate coming in at $0.63. Forward Air posted earnings of $0.58 per share during the same quarter last year, which suggests a positive year over year growth rate of 6.9%. The firm is scheduled to announce its next quarterly earnings report on Wednesday, February 14th.
On average, analysts expect that Forward Air will report full year earnings of $2.33 per share for the current year, with EPS estimates ranging from $2.30 to $2.36. For the next financial year, analysts expect that the firm will report earnings of $2.59 per share, with EPS estimates ranging from $2.49 to $2.70. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of research firms that follow Forward Air.
Forward Air (NASDAQ:FWRD) last issued its quarterly earnings data on Wednesday, October 25th. The transportation company reported $0.58 EPS for the quarter, hitting analysts’ consensus estimates of $0.58. The business had revenue of $280.20 million for the quarter, compared to analysts’ expectations of $278.75 million. Forward Air had a net margin of 6.10% and a return on equity of 13.76%. The business’s revenue was up 12.3% on a year-over-year basis. During the same quarter last year, the company earned $0.51 EPS.
FWRD has been the topic of a number of recent analyst reports. Wolfe Research lowered Forward Air from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 1st. BidaskClub lowered Forward Air from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 1st. Zacks Investment Research lowered Forward Air from a “hold” rating to a “sell” rating in a research report on Friday, October 27th. Stifel Nicolaus increased their target price on Forward Air from $47.00 to $52.00 and gave the company a “hold” rating in a research report on Thursday, October 26th. Finally, Robert W. Baird reiterated a “hold” rating and set a $60.00 target price on shares of Forward Air in a research report on Friday, October 6th. Two investment analysts have rated the stock with a sell rating and six have given a hold rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $55.33.
Shares of Forward Air (NASDAQ:FWRD) traded down $0.12 during trading hours on Friday, hitting $54.77. The stock had a trading volume of 37,703 shares, compared to its average volume of 90,099. Forward Air has a 52-week low of $43.88 and a 52-week high of $59.97. The stock has a market cap of $1,630.61, a price-to-earnings ratio of 23.92 and a beta of 1.20. The company has a quick ratio of 2.71, a current ratio of 2.71 and a debt-to-equity ratio of 0.08.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 8th. Stockholders of record on Thursday, November 23rd will be given a dividend of $0.15 per share. The ex-dividend date is Tuesday, November 21st. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.10%. Forward Air’s dividend payout ratio (DPR) is 28.17%.
In other Forward Air news, insider Michael P. Mclean sold 4,984 shares of the firm’s stock in a transaction on Friday, September 22nd. The stock was sold at an average price of $54.82, for a total value of $273,222.88. Following the transaction, the insider now owns 13,401 shares in the company, valued at approximately $734,642.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director George M. Lynch sold 1,640 shares of the firm’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $57.00, for a total value of $93,480.00. Following the completion of the transaction, the director now owns 12,383 shares in the company, valued at approximately $705,831. The disclosure for this sale can be found here. Insiders have sold a total of 40,905 shares of company stock worth $2,252,501 in the last quarter. Insiders own 2.40% of the company’s stock.
Hedge funds have recently made changes to their positions in the business. Riverhead Capital Management LLC lifted its holdings in Forward Air by 72.5% in the 2nd quarter. Riverhead Capital Management LLC now owns 1,897 shares of the transportation company’s stock valued at $101,000 after purchasing an additional 797 shares in the last quarter. Huntington National Bank lifted its holdings in Forward Air by 8.1% in the 2nd quarter. Huntington National Bank now owns 2,204 shares of the transportation company’s stock valued at $117,000 after purchasing an additional 165 shares in the last quarter. Quantbot Technologies LP purchased a new position in Forward Air in the 2nd quarter valued at $117,000. US Bancorp DE lifted its holdings in Forward Air by 22.6% in the 2nd quarter. US Bancorp DE now owns 2,411 shares of the transportation company’s stock valued at $129,000 after purchasing an additional 445 shares in the last quarter. Finally, Ameritas Investment Partners Inc. lifted its holdings in Forward Air by 10.3% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,636 shares of the transportation company’s stock valued at $140,000 after purchasing an additional 246 shares in the last quarter. Institutional investors own 99.02% of the company’s stock.
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About Forward Air
Forward Air Corporation is a freight and logistics company. The Company provides less-than-truckload (LTL), truckload, intermodal and pool distribution services across the United States and in Canada. The Company’s segments include Expedited LTL, Truckload Premium Services (TLS), Intermodal and Pool Distribution.
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